In this paper, the microstructure evolution during continuous hot rolling process of GCr15 steel rod was investigated. A series of multi-field coupled finite element models were established based on commercial finite element software MSC.Marc. The kinetics equations of austenite grain size evolution of GCr15 steel were coupled to these models by a designed MSC.Marc subprogram. The field variables, including temperature, equivalent stress, equivalent strain, and equivalent strain rate, were calculated. The distributions of dynamic recrystallization, metadynamic recrystallization, and static recrystallization fractions were investigated. The distribution and evolution of austenite grain size at different stages in the continuous hot rolling process were analyzed. To verify the models, the temperatures of GCr15 steel rod at different stages in the continuous hot rolling process were measured. And the austenite grain sizes at cross section of the rod after the continuous hot rolling process were measured. The simulation results show a good agreement with the experimental results.